grace period

noun

: a period of time beyond a due date during which a financial obligation may be met without penalty or cancellation

Examples of grace period in a Sentence

The terms of the loan allow for a ten-day grace period.

Recent Examples on the Web

Those who are automatically re-enrolled but fail to pay their insurance bills get a grace period of three months before their coverage is terminated. —Ken Alltucker, USA Today, 4 Feb. 2026

The request, in late August, came 58 days after the Supreme Court decision -- beyond the customary 30-day grace period. —Aaron Katersky, ABC News, 4 Feb. 2026

However, Illinois offers grace period registration and voting all the way up to and on Election Day. —Sara Tenenbaum, CBS News, 2 Feb. 2026

Then a three-day grace period was implemented, expanded to 17 days for the 2020 election, dialed back to the current seven days and made permanent. —Susan Shelley, Oc Register, 17 Jan. 2026

Word History

First Known Use

1907, in the meaning defined above

Rhymes for grace period

• myriad
• photoperiod

Legal Definition

grace period

noun

grace pe·​ri·​od

: a period of time beyond a scheduled date during which a required action (as payment of an obligation) may be taken without incurring the ordinarily resulting adverse consequences (as penalty or cancellation): as

a

: a period of 30 days or one month during which premiums on insurance policies may be paid without penalty

b

: a period of ten days during which certain security interests (as those in fixtures) must be perfected in order to have priority over conflicting security interests under Article 9 of the Uniform Commercial Code

called also days of grace